Oanda is one of the largest forex trading companies and also has the largest running base of clients all over the world. They allow the brokers to trade in about 72 currency pairs which you will not find with many brokers. You can find with them Indian rupee as well as Chinese Yuan and you will notice that they offer little bit to every client. Oanda provides Oanda platform for demo platform whereas it offers MetaTrader4 , Oanda platform and web trading platform as trading platform. Though MT4 platform is the same which is used by any other broker, Oanda platform is the proprietary of the company and most of their customers use this very platform. The spreads offered by them is variable but very tight. The platform for forex trading is offered by Oanda from a long time and hence is reliable. The platform runs on Java and hence is accessible on any computer when access to the internet is available.
There is no commission taken by Oanda on any trade that you do and the profit is only earned through spread. The spread is variable and do widen during liquidity of the market, however, it is tightest during the normal market conditions. It also accepts traders from United States of America. The fund can be deposited using check, PayPal, wire and credit cards. The minimum deposit to open the account is just $1. They offer very good prices and the execution of trade is fast and is regulated in Canada, US, UK , Singapore, Japan and Dubai. A few disadvantages of trading with Oanda are that they do not have very great charting and has a dealing desk. During the favorable market conditions the spread can widen and cause loss. The leverage is also low which can go against successful trading.
The review of the Oanda shows that the company has many loyal customers who have been with the company from a long time. All this shows that they have been able to develop trust in their clients. Most of the traders like the fact that they have very good pricing, tight spreads and the execution of the trade are very fast and instantaneous. The company is highly regulated which further confirms its reliability. The trading platform is a closed one. The customer support service is excellent and is available 24 hours a day for 5 days. The support is made available to the customers from 4PM on Sunday till 4 PM on Friday. It is definitely in par with all the companies that provide other top brokers in the forex market. The response through the email is also very fast. They allow 72 currency pairs to trade in. The disadvantage of trading for them is that they do not allow the use of expert advisor. Variable spread is also one of the cons of trading with them. However, most of other reviews is very positive and the average rating given by the clients is 5.6 out of 10.» Sign up now